{"id":11948,"date":"2019-08-28T12:01:32","date_gmt":"2019-08-28T19:01:32","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=11948"},"modified":"2024-10-21T12:39:17","modified_gmt":"2024-10-21T19:39:17","slug":"most-common-regrets-homebuyers","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/most-common-regrets-homebuyers\/","title":{"rendered":"Don\u2019t Fall Into These Traps: The 6 Most Common Regrets of Homeowners"},"content":{"rendered":"

When you\u2019re in the market for a new home, you need to move quickly\u2014especially in competitive markets<\/a>\u2014so that you don\u2019t miss out on your dream home<\/a>. But, you don\u2019t want to move so fast that you overlook potential money pits or other problems that could trigger buyer\u2019s remorse.<\/p>\n

After all, buying a new home is likely the biggest purchase of your lifetime. A new study<\/a> from Bankrate found that nearly two-thirds (63%) of millennial homebuyers have some regrets in regard to their home purchases.<\/p>\n

While millennials tend to have the largest share of buyer\u2019s remorse, overall, 44% of homebuyers have some regrets.<\/p>\n

We\u2019re zoning in on some of the common regrets that homebuyers have and dishing out some tips to help you avoid the same missteps. Here\u2019s what you need to know:<\/p>\n

\"A<\/a>
Source: (Giorgio Tomassetti\/ Unsplash)<\/figcaption><\/figure>\n

Regret #1: Maintenance and other costs more expensive than expected<\/h2>\n

(Accounted for <\/i>18% of buyer regrets<\/i><\/a>)<\/i><\/p>\n

Home inspections aren\u2019t typically required by lenders, but they can help you save money<\/a> in the future by identifying potential problems that will eat up your maintenance budget.<\/p>\n

A home inspector, for example, will be able to assess the condition of the home\u2019s roof and HVAC systems, which can be costly to repair. Also, if an inspection uncovers problems with the home, it\u2019s possible the seller will agree to pay for the repairs before you move in.<\/p>\n

Understand that when it comes to budgeting for a home<\/a>, there are many costs that can pop up and surprise you. For example, here are nine unexpected mortgage closing costs<\/a> that can come up. The best thing you can do to prepare yourself? Do your research!<\/p>\n

Pro tip: <\/b>When you\u2019re considering a home, it\u2019s a good idea to ask about homeowner association fees, and whether there are any upcoming homeowner assessments.<\/p>\n

In addition, you\u2019ll want to look into how much you\u2019ll be paying in local property taxes and how much money you\u2019ll need to set aside for homeowners insurance.<\/p>\n

It\u2019s also a good idea to come up with a maintenance budget to cover costs such as yard care, snow removal, gutter cleaning, pressure washing and HVAC maintenance.<\/p>\n

Regret #2: House size<\/h2>\n

(<\/i>12%<\/i><\/a> bought too small of a house; <\/i>5%<\/i><\/a> bought too big of a house)<\/i><\/p>\n

When you\u2019re touring a home, it\u2019s important to remember that careful thought likely went into how the home was staged<\/a>. Well-staged homes tend to be clutter-free, and, while that\u2019s aspirational, it may not be realistic and it can make a home appear more spacious.<\/p>\n

On the other hand, if you\u2019re concerned with buying too large of a home, do some research into what your energy bills will be.<\/p>\n

Could some eco-friendly appliances or renovations help you save money in the long run? Could you rent out part of the home? Will you eventually need space to grow into? These are all considerations to take into account before making that offer.<\/p>\n

\"A<\/a>
Source: (Aleksejs Bergmanis\/ Pexels)<\/figcaption><\/figure>\n

Regret #3: It\u2019s in a bad location<\/h2>\n

(Accounted for <\/i>8% of buyer regrets<\/i><\/a>)<\/i><\/p>\n

Be ready to pepper your real estate agent with questions during your next home tour. What school district does the neighborhood feed into? What\u2019s the morning commute like? Are there any noise issues from nearby streets? If you love the outdoors, how close are you to biking and hiking trails?<\/p>\n

Also, take a look at the local city council minutes: What issues are people raising with elected officials during public comment?<\/p>\n

Regret #4: Not a good investment<\/h2>\n

(Accounted for <\/i>7% of buyer regrets<\/i><\/a>)<\/i><\/p>\n

Home buying has great financial advantages, from appreciation in value to tax write-offs. Instead of paying rent, you\u2019re building equity with your monthly mortgage payments.<\/p>\n

But there may be some reasons why home buying may not be ideal for you at this stage in life. Perhaps because you move frequently for work, or are planning a career change.<\/p>\n

To get an unbiased opinion, you could weigh the pros and cons with a certified financial planner or a wealth management and planning expert.<\/p>\n

Regret #5: Mortgage payment is too high<\/h2>\n

(Accounted for <\/i>7% of buyer regrets<\/i><\/a>)<\/i><\/p>\n

You do need to go through the qualification and application process before you get a clear figure on what your mortgage will be. Prior to purchasing your new home, you can work with your lender to find a property that best fits your budget.<\/p>\n

When you\u2019re renting, rental rates can fluctuate based on supply and demand and property improvements. When you buy, you can enjoy more stability in knowing what your mortgage will be each month. But, understand that HOA fees, taxes and insurance may fluctuate.<\/p>\n

\"A<\/a>
Source: (emilie zhang\/ Shutterstock)<\/figcaption><\/figure>\n

Regret #6: Didn\u2019t get the best mortgage rate<\/h2>\n

(Accounted for <\/i>6% of buyer regrets<\/i><\/a>)<\/i><\/p>\n

A great rate<\/a> can save you thousands over the life of your loan. Working with a lender you trust can help you secure the best rates.<\/p>\n

Because your credit score is so important in helping you get a competitive interest rate, here are some tips for boosting your score<\/a> prior to buying.<\/p>\n

One final tip<\/b>: One of the most important things you can do to avoid home buyer\u2019s remorse? Work with an experienced real estate agent<\/a> with lots of localized knowledge. You\u2019ll want to find someone who has your best interests in mind. A great real estate agent can help make sure you\u2019re bidding on homes that work for you and your family. We\u2019ve got some easy tips for how to choose the right agent<\/a>.<\/p>\n

Header Image Source: (Pixabay\/ Pexels)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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